HSBC Home Loan Balance Transfer

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Serving over 40 million customers worldwide, HSBC bank is widely recognised among the world’s oldest and most distinguished banks. With innovative banking products and services, the bank offers customised financial solutions to individuals from all segments. Besides various other financial products, HSBC provides reliable home loans for purchasing your dream home without hassles.

As one’s financial conditions may keep changing, they may find it difficult to keep up with their repayments. Such difficulties are avoided with HSBC Home Loan Balance Transfer, which allows you to repay your mortgage at better rates and for extended tenures if you already have a home loan from a different lender. Moreover, you get access to numerous features to manage your mortgage efficiently. 

HSBC Home Loan Balance Transfer

  • Minimum Salary AED 25,000
  • Flat Rate 1.8%
  • Reducing Rate 3.24%
  • Down Payment 25%
  • No Salary Transfer

Features of HSBC Home Loan Balance Transfer

HSBC Home Loan Balance Transfer facility presents plenty of benefits when you transfer your mortgage from another lender to HSBC bank. Some of the key features and benefits of HSBC Home Loan Balance Transfer are:

  • Multiple Mortgage Options - Whether you are looking for a fixed mortgage or a better deal on variable mortgages, HSBC bank offers multiple options for your deliberation. 
  • Extend Home Loan Tenure - With the HSBC Home Loan Balance Transfer feature, you can extend your loan tenure and eventually have lower monthly instalments. Extending your loan tenure at low interest rates can be a viable option to make your mortgage cost-effective. 
  • Competitive Interest Rates - The bank offers manageable and competitive interest rates on your mortgage if you transfer your balances to the HSBC bank. 
  • Get 25% Overpayment Per Year - The bank allows overpayment on your monthly payments without any additional charges so that you can close your mortgage before the tenure and pay lesser interest. You can pay up to 25% additional repayment every year, although any payment above that % will incur an early settlement fee. 
  • Premier Account with Home Loan – Besides the plethora of features on the loan, the bank also offers an HSBC Premier bank account. This account helps users access and manage their funds while also availing of exclusive banking services from HSBC Premier Banking.  

Eligibility Criteria to Apply for HSBC Home Loan Balance Transfer

For any mortgage application, fulfilling a set of eligibility criteria as specified by the bank is necessary. For HSBC Home Loan Balance Transfer, the common requirements to apply are:  

  • Age – The applicant must be at least 21 years old to apply for an HSBC Home Loan Balance Transfer. On the farther side, the upper age limit for home finance applications is 65 years. 
  • Nationality - HSBC Remortgage is available to UAE nationals as well as ex-pat residents, although the approval of the loan and the amount depends on the nationality. 
  • Salary Requirement - To apply for HSBC Home Loan Balance Transfer, a monthly salary of AED 15,000 or above is required on the applicant’s part.
  • Employment Status - HSBC home finance is available to both salaried and self-employed individuals in the UAE, although the applicable conditions and terms vary. 

Note: Even if you fulfil the requirements, the bank will review your mortgage application before approval and may ask for clarification or additional documents (besides the generally asked ones). Once approved, you can proceed with the HSBC Home Loan Balance Transfer. 

Documents Required to Apply for HSBC Home Loan Balance Transfer

While fulfilling the eligibility criteria is essential for the application process, so is the prompt submission of the required documents. Given below are the documents you will be required to submit while applying for HSBC Remortgage. 

For Salaried Individuals

  • Emirates ID along with a copy 
  • Passport ID with a valid copy (and a valid resident visa page). You will be requested to present your old passport in case the visa is stamped on your old passport. 
  • Latest salary certificate addressed to the HSBC bank or the latest salary slips generally requested by the bank in case of a 10% variance in the salary. 
  • In case you have switched your job within the last 3 years, you may be asked to provide the proof regarding work experience in the previous company 
  • Last 6-month bank statement for individuals not holding a salary transfer account in HSBC bank 

For Self Employed Individuals

  • Passport ID as well as its a valid copy having valid resident visa page. If the visa was marked on your old passport, you will be asked to produce your old passport.
  • A valid copy of the trade license 
  • Emirates ID plus its copy 
  • Memorandum of Association including all amendments 
  • Latest 6-month bank statement
  • At least 2 years of audited financial statements of the business

How to Apply for HSBC Home Loan Balance Transfer?

For utmost customer convenience, HSBC allows HSBC home loan balance transfer applications via both online and offline modes. Depending on your choice, you can login to the official portal of HSBC bank or visit a bank branch in person and apply for the same. 

For further details on the application process for HSBC home loan balance transfers in the UAE, read below. 

  • Online Application – With this application mode, the whole procedure for any HSBC home loan in UAE is completed in just a few clicks. You can select the HSBC home Loan Balance Transfer option from the official HSBC UAE website, enter the specified details, and complete the application. The bank will contact you for further application processes afterwards. 
  • Offline Application - You can visit a nearby HSBC bank branch and contact a bank representative or executive regarding your home loan application. Carry all the required documents as asked by the bank and fill out the offline application form for your selected plan. After attaching all the documents with the form, submit them to the bank. 

Another mode of application is available to HSBC Jade or premier customers, who can directly discuss the same with their relationship manager and apply for HSBC Remortgage.

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Interest Rates for HSBC Home Loan Balance Transfers

The impeccable features and benefits offered by HSBC bank are complemented by its competitive loan interest rates for convenient experience and affordable loan costs. The following table gives the details of HSBC Home Loans Balance Transfer Interest Rates.

Loan Type

Annual Flat Rate Starting at

Annual Reducing Rate Starting at

HSBC Home Loan Balance Transfer

1.8 %

3.24%

Income Requirement for HSBC Home Loan Balance Transfer

To ensure minimal risk in offering a home loan, HSBC bank provides approval only to individuals with certain minimum monthly salaries, who can generally be expected to steer clear of any difficulties in the repayments. The requirements are as mentioned in the table below. 

Nationality 

Minimum Income Need

UAE Nationals

AED 15,000 per month

Expatriates 

AED 15,000 per month

FAQ's

Q1. What is the minimum age to apply for HSBC Home Loan Balance Transfer?

Ans. The minimum age to apply for an HSBC Home loan balance transfer is 21 years. The bank also has an upper age criterion of 65-70 years, although this one is more flexible and depends on several other factors like the monthly income and so on.

Q2. What is the minimum salary required for HSBC Home Loan Balance Transfer?

Ans. You should have a minimum salary of AED 15,000 per month to apply for HSBC Home Loan Balance Transfers.

Q3. Can I apply for HSBC Home Loan Balance Transfers as an expat?

Ans. Yes, you can apply for HSBC Home Loan Balance Transfers as an expatriate in the UAE. However, you will need to submit all the required documents pertaining to your visa and passport details along with your financial proof.

Q4. Can I apply for HSBC Remortgage online?

Ans. Yes, you can conveniently apply for an HSBC remortgage online. For online applications, you can visit the bank’s official website and navigate to the borrow section to find the remortgage option with all the product details there. Fill out the online application form and submit it by following the specified instructions. You can also check out HSBC home loan plans on policybazar.ae.